75 of top 100 crypto assets trade below 50- and 200-day SMAs, signalling broad market weakness
CoinDesk analysis shows 75 of the top 100 cryptocurrencies by market capitalization are trading below both their 50‑day and 200‑day simple moving averages (SMAs), a signal of deteriorating short‑ and long‑term momentum across the crypto market. Bitcoin plunged from an early‑October peak above $126,000 to about $87,000, prompting capital outflows that dragged major tokens — including BTC, ETH, SOL, BNB and XRP — below key moving averages. Those large caps account for roughly 78% of the about $3 trillion market cap. Momentum indicators are weak: only eight tokens (PI, APT, ALGO, FLARE, VET, JUP, IP, KAIA) register oversold readings on the 14‑day RSI, implying most coins have room to fall before reaching panic bottoms. By contrast, traditional tech equities show healthier breadth — only 29 Nasdaq‑100 stocks sit below these SMAs — underscoring divergence between equities and crypto. Traders should expect higher downside risk, reduced appetite for leverage or risk‑on positions, and should monitor BTC and large‑cap SMA behaviour closely for signs of stabilization. (Not investment advice.)
Bearish
The pervasive breach of both 50‑ and 200‑day SMAs for 75 of the top 100 coins is a classic technical sign of weakening momentum and elevated downside risk. Large caps — BTC, ETH, SOL, BNB, XRP — which together represent about 78% of market capitalization, are below key moving averages, increasing the likelihood of broad selling pressure and correlated declines. The fact that only eight tokens show oversold 14‑day RSI readings suggests most assets have not yet reached capitulation, leaving room for further falls. In the short term, traders can expect heightened volatility, limited appetite for leverage, and lower probability of sustained rallies until prices reclaim SMAs and RSI readings improve. In the medium to long term, continued failure to regain these moving averages would reinforce a bearish regime, potentially shifting capital away from crypto into stronger equity sectors (as evidenced by healthier Nasdaq‑100 breadth). Therefore the immediate price impact is negative, with risk of further downside unless market breadth and momentum indicators materially recover.